DEVELOPMENTS
* Attention now on this week's meeting of the U.S. Federal
Reserve, with traders wondering whether the central bank's
relentless rate hikes - blamed by some for sparking the crisis -
might be at an end.
* U.S. Treasury Secretary Janet Yellen said the U.S. banking
system is stabilizing after strong actions from regulators, but
further steps to protect depositors may be needed if smaller
institutions suffer runs that threaten more contagion.
* The European Central Bank's top bank supervisor Andrea
Enria said euro zone banks increased their capital ratios late
last year and remain solid, a message echoed by Spanish ECB
policymaker Pablo Hernandez de Cos. But Enria warned banks
against being "caught off guard" by rising interest rates.
* Sweden's banks are well-capitalised, central bank chief
Erik Thedeen said.
* Turmoil in the banking sector is hurting investor confidence, surveys showed, including the German ZEW index of sentiment which ended a five-month streak of gains.
* The Bank for International Settlements, said it fully
supported recent actions taken by central banks to address
banking system problems.
* Britain's legal framework is clear about the treatment of
shareholders and creditors in the event of a bank collapse,
financial services minister Andrew Griffith said. What is AT1
debt?
* The Swiss Banking Association said credit supply would not
be restricted by the demise of Credit Suisse, and that it saw a
"prosperous future".
* Credit Suisse on Tuesday kicked off its annual Asian Investment Conference in Hong Kong, although CEO Ulrich Koerner, who was expected to attend the conference, dropped out.
MARKET REACTION
* Europe's bank shares and bonds gained.
* U.S. stocks rallied.
ANALYSIS
* Switzerland's secretive Credit Suisse rescue rocks
global finance
QUOTES
* "Our intervention was necessary to protect the broader
U.S. banking system," U.S. Treasury Secretary Yellen said. "And
similar actions could be warranted if smaller institutions
suffer deposit runs that pose the risk of contagion."
* "Increasing interest rates and quantitative tightening
require banks to sharpen their focus on liquidity and funding
risks," the ECB's top banking supervisor Enria said. "There is a
risk that banks might be caught off guard."
* Credibility "is not destroyed, but it's not good," Swiss
Banking Association chairman Marcel Rohner said.
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FACTBOX-Which companies are affected by SVB collapse? FACTBOX-SVB collapse may prompt Fed to go slow on rate hikes EXPLAINER-What caused Silicon Valley Bank's failure? GRAPHIC-The path to the fall of Silicon Valley Bank INSTANT VIEW -UBS to take over Credit Suisse to stem global
crisis of confidence GRAPHIC-SVB, Signature Bank are first bank failures since 2020 GRAPHIC-Credit Suisse goes off piste GRAPHIC-Banking worries send US markets on dizzying ride TIMELINE-How Credit Suisse has evolved over 167 years EXPLAINER- Credit Suisse: How did it get to crisis point? GRAPHIC - Tale of two banks GRAPHIC - Bank exposure BREAKINGVIEWS-UBS salvages most value from Credit Suisse wreck GRAPHIC-Credit Suisse rescue BREAKINGVIEWS-Switzerland takes CoCos to point of non-viability EXPLAINER-Why markets are in uproar over a risky bank bond known
as AT1 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
(Compiled by Reuters editors)
